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that it is necessary for the Authority to undertake the Projects in order <br />to alleviate current and projected shortages of decent, safe and sanitary <br />housing for persons of low and moderate income and their families. In <br />order to implement and undertake the Projects the Authority has, by the <br />passage of Resolution No. 87-31, on October 27, 1987, adopted a Housing <br />Development Project Program (the "Program") describing the policies for <br />meeting the housing needs of the County; and <br />WHEREAS, the Program includes among the multi -family rental housing <br />Projects to be developed in order to carry out the policies of the <br />Program, and Project or Projects located in the Municipality, as described <br />in Exhibit A attached hereto; and <br />WHEREAS, the Authority has requested that the governing body of the <br />Municipality approve the locations of the Projects pursuant to the Special <br />Law and the financing of such Project or Projects by the Authority <br />pursuant to the Program: <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo <br />that: <br />1. The Municipality hereby approves the locations of the Project or <br />Projects located within the Municipality, as described in Exhibit A. <br />2. The Municipality hereby approves the Program of the Authority to <br />provide financing for the Project or Projects and authorizes the Authority <br />to undertake the Program and develop the Project or Projects within the <br />Municipality. <br />3. Nothing in this resolution or in the Program of the Authority <br />shall authorize the expenditure of any funds of the Municipality. Any <br />revenue bonds issued by the Authority to finance the Project or Projects <br />shall not constitute a charge, lien or encumbrance, legal or equitable, <br />upon any property or funds of the Municipality, nor shall the Municipality <br />be subject to any liability thereon. The holder or holders from time to <br />time of the revenue bonds of the Authority shall not have the right to <br />compel any exercise of the taxing power of the Municipality to pay the <br />outstanding principal on such revenue Bonds or the interest thereon or to <br />enforce payment thereof against any property of the Municipality. <br />VOTING AYE: McAllister, Jesinski, Olson, Vail, Atkinson <br />VOTING NAY: None <br />Approved and adopted this 16th day of <br />Attest: <br />MaryCreager, City C1 <br />